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Employment and Non-Competition Agreement

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Title:

Employment and Non-Competition Agreement

Entities:

United States Gasoline Fund, LP

Date:

2008

Size:

Preview shows 11KB of 34KB total

Price:

$40

ID:

#3271878

► Legal ► Non-Competition ► Employment & Non-Competition Agreements

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EMPLOYMENT AND NON-COMPETITION AGREEMENT

THIS EMPLOYMENT AND NON-COMPETITION AGREEMENT ("Agreement") is made as of the 1 day of December 2007, by and between Manas Petroleum Corporation (the "Company"), and Thomas Flottmann (the "Employee").

WHEREAS, the Company desires to retain the services of the Employee in the manner hereinafter specified in its business, thereby retaining for the Company the benefit of the Employee's business knowledge and experience and also to make provisions for the payment of reasonable and proper compensation to the Employee for such services;

The parties have agreed to enter into this Agreement subject to the terms and conditions herein; and,

NOW, THEREFORE, in consideration of the premises and mutual covenants and representations herein contained, the Company and the Employee mutually agree as follows:

ARTICLE I EMPLOYMENT AND DUTIES

Section 1.1 Employment. The Company shall retain the Employee, and the Employee shall accept the retainer with the Company as an employee of the Company, upon the terms and subject to the conditions hereinafter set forth and shall act as Chief Executive Officer ("CEO'1).

Section 1.2 Duties. The Employee shall serve as CEO for the Company and, subject to the general operating policies, as amended from time to time, by the Board of Directors of the Company (the "Board"), the Employee shall have supervision, control, and executive responsibility for, the day to day operations of the Company and its subsidiaries world wide. The Employee shall have such other duties as customarily performed by the CEO and also have such other powers and duties as may be, from time to time, prescribed by the Board. The Employee shall report directly to the Board,

The Employee shall devote his best efforts to the business and affairs of the Company and, during the Term (as defined in Section 2.1 of this Agreement) as well as the period provided in Article III, shall observe at ail times the covenants regarding non-competition, and confidentiality provided in Article III hereof. The Company and Employee acknowledge and agree that, during the Term, the Employee shall be permitted to (i) serve on civic or charitable boards or committees, and (ii) manage passive personal investments so long as any such activities do not unduly interfere with the performance of Employee's responsibilities as an employee of the Company in accordance with this Agreement; or provide incidental consultation on matters not related to hydrocarbons or in conflict with business activities of the Company.

ARTICLE II

TERMS OF EMPLOYMENT: COMPENSATION AND BENEFITS

Section 2.1 Term. Except as otherwise provided herein, the term of this Agreement shall commence on February 1, 2008 (the "Effective Date") and continue until terminated as provided herein.

Section 2.2 Compensation. Except as otherwise set forth herein, the Company shall pay, and the Employee shall accept as full consideration for the services to be rendered hereunder, and the covenants entered into hereunder, compensation as set forth in Exhibit "A", attached hereto and incorporated herein by reference.

Section 2.3 Benefits. The Employee shall be entitled to participate in such fringe benefits as arc generally available to employees of the Company, and to the normal perquisites provided to such employees. Such benefits, if any, shall be provided upon the terms and conditions as set forth on Exhibit "B", attached hereto and incorporated herein by reference. Provided however, nothing in this Agreement shall be construed to require the Company to offer any specific fringe benefit to Employee, except those specifically enumerated in Exhibit B, to effect compliance with this Section 2.3.

Section 2,4 Place of Employment. The Employee shall work at the Company's head office in Horgen, Switzerland or at such other locations determined by the Directors from time to time.

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